CapMan Real Estate press release
21 December 2022 at 8:35 EET
CapMan and Agat Ejendomme have agreed to sell Denmark’s only outlet village Ringsted Outlet to Patrizia for DKK 390 million
CapMan Nordic Real Estate Investment S.À.R.L. in their joint venture with Agat Ejendomme A/S have signed a sale and purchase agreement for the sale of Ringsted Outlet to Patrizia for DKK 390m (c. EUR 52m), representing one of the only outlet centre sales to take place in continental Europe since before the start of the COVID-19 pandemic. Closing is scheduled for 31 January 2023. The asset will be included within Patrizia’s fund TransEuropean VII LP (TEP VII).
Originally opened in 2008, the c. 13,400 sq m scheme has evolved from a relatively unfamiliar concept in Scandinavia to a well-established premium outlet centre with proven performance and brand loyalty. With a total of nearly 50 retailers and two restaurants, the open-air village is anchored by top performers Hugo Boss, Nike, Adidas, Levi’s and Peak Performance. Ringsted Outlet proved resilient throughout the COVID-19 pandemic and in fact, despite only 10 months of trading due to forced store closures, 2021 was Ringsted Outlet’s best year on record in terms of both footfall and turnover.
Torsten Bjerregaard, Managing Partner at CapMan Real Estate states that “The outlet centre market has proven to be incredibly resilient with sales at Ringsted Outlet outperforming pre-pandemic levels. The new shopping habits that have developed over the past few years mean that outlets are more popular than ever. Customers are reconnecting with experiential retail and continue to seek out discounted high-quality goods in a comfortable, open-air shopping environment.”
Robert Andersen, CEO of Agat Ejendomme adds that “I’m proud being the initiator of the development of the only outlet village in Denmark. The KPIs at Ringsted have been steadily improving since its inception in 2008, confirming the quality and effectiveness of the outlet centre’s management. We have completed an ambitious business plan over the past 14 years and have continually invested in offering the best shopping experience for our customers.”
“The outlet market remains an attractive retail sub sector for investors across Europe as most have shown resilience in trading. In addition to Ringsted’s dominance, it benefits from a well-balanced tenant mix and potential for future growth”, says Chris Gardener, Head of European Retail at CBRE, who was the seller’s commercial advisor on the transaction.
Christian Bro Jansen, Head of Capital Markets at CBRE Denmark adds that “The Danish retail sector continues to show resilience with stable footfall and turnover figures despite recent years’ challenges. Investors find the risk-adjusted returns attractive compared to other real estate segments and are actively looking at opportunities within this space.”
Established in 2013, CapMan Nordic Real Estate is CapMan’s first pan-Nordic value-add real estate fund. The fund is in carry with three assets remaining. The team is currently investing from its third €564 million value-add fund.
CBRE, Kromann Reumert and EY advised on the sale.
For more information, please contact:
Torsten Bjerregaard, Managing Partner, CapMan Real Estate Denmark, +45 3343 6370
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We have been listed on the Nasdaq Helsinki since 2001. Read more at www.capman.com.
About Agat Ejendomme
Agat Ejendomme is a Danish NASDAQ listed real estate company. The primary focus is the holding, operation and optimisation of shopping – and outlet centres. Read more at www.agat.dk
